Cyber Con: Dubious Dubai Investment Scam Unveiled

Police have arrested four individuals accused of defrauding a Mumbai businessman of Rs 5.24 crore by posing as executives from a fictitious Dubai-based investment firm, officials reported on Saturday. The fraud unraveled when the perpetrators invited the victim to Dubai, only for him to discover the company did not exist.

A thorough investigation revealed that the accused, recently apprehended from various locations across India, employed the same strategy to scam victims out of more than Rs 65 crore in cities such as Bengaluru, Chennai, Mumbai, Pune, and Kerala. Three suspects have been identified as R. Menon, aged 35, Manikandan, aged 32, and H. Pandi.

The case traces back to October last year when a 65-year-old businessman from Mumbai received an offer of lucrative investment returns in the fictitious company. Succumbing to persuasion, he invested Rs 5.24 crore, only to later realize the company was a scam after his visit to Dubai. His attempts to retrieve his investment yielded fake cheques and fraudulent documents.

(With inputs from agencies.)